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Home Review of Home Sales & Prices in Los Osos, CA

Review of Home Sales & Prices in Los Osos, CA

JANUARY-DECEMBER 2008 VERSUS JANUARY-DECEMBER 2007

LOS OSOS
SALES AVG.DOM HIGH LOW MEDIAN
2007 124 125 $2,100,000.00 $225,000.00 $471,000.00
2008 103 129 $1,750,000.00 $110,500.00 $435,000.00
2008/2007 -21 4 ($350,000.00) ($114,500.00) ($36,000.00)
% DIFF. -17% 3% -8%

For January-December 2008, Los Osos saw a drop of 17% in sales of stick-built single-family homes when compared to the same period in 2007. The number of stick-built single-family homes sold fell from 124 in 2007 to 103 in 2008.

At the same time, sellers took more time - an additional four days based on an average marketing time of 129 days to sell their properties in 2008 compared to a year ago.

The median home price decreased by 8% from $471,000 in 2007 to $435,000 in 2008. The decrease is not surprising as we saw fewer sales of higher priced properties.

Out of the 103 stick-built single-family homes sold in 2008, almost 64% or 66 out of 103 homes are under $500,000. Only five of these sales were priced over $1 million.

The data obtained from the Central Coast Multiple Listing System reflects more sales in the lower price ranges due to short sales and foreclosures in this small coastal town.

Notes:

1. AVG. DOM = Average Days on Market

2. Data compiled from Central Coast MLS, deemed correct but not guaranteed.

3. Only stick-built single-family residences are included.

4.. Condos, PUDs, and mobile homes are not included in this study.

Posted Tuesday Mar 03